Deciding to become an entrepreneur can be very challenging and even scary. You have constantly heard that 1 out of 10 businesses succeed and many other common sayings that create doubt in any body's hearts.
In some ways it can be true. You are stepping into the land of the unknown without any idea if you will be able to succeed or be wasting your time.
Well, I'm here to tell you that you that you can take certain steps to increase you chances of succeeding. Here they are:
1. Develop the mindset of an entrepreneur
The first thing you want to do is to create a entrepreneur mindset. Here are a few ways to do that.
- Read entrepreneur books. I recommend "Rich dad poor dad" by Robert Kiyosaki and "4 Hour work week" by Tim Ferriss. As an entrepreneur, I recommend Audible so you can listen to them instead while your working. An average rich person reads 60 books a year while the average person reads half a book a year.
- Read this blog post I wrote here that breaks down how an entrepreneur thinks.
- Create habits of an entrepreneur. Habits dictate what we do everyday that will eventually add up to become who you are. To be successful depends on what you do every day. Learn those habits and practice them.
Every entrepreneur are constantly learning. The ones that stop learning will soon fall out of the circle. There is a saying: "The more you learn, the more you earn."
As an entrepreneur, you have to learn in order to come up with ideas. You have to learn different marketing strategies to sell. You have to learn to how to use tools to get an edge in the competition.
You can find out more about how to learn faster and how to use it to your advantage here.
3. Create an idea
You can't do anything without knowing what you are going to do. You need an idea. The idea does not have to be something completely new. It doesn't have to be a brand new invention that will tremble the world.
What it does need to be though, is different. Say you have a t shirt business, how do you differentiate yourself from your competitors? You can go into selling dog t shirts. Now how can you be different in the dog t shirt competition? It can be size, color, type of quality in the shirt. You can advertise that a part of the sales goes to dog shelters.
There are many ways to make yourself different from others. You can read this more about ideas here.
Execution is everything. Anybody can come up with infinite amount of "great" ideas but not everyone can execute. This is why it is important to create an entrepreneur mindset.
There are many factors with execution and it really depends on how your approach to selling is. Here are the common execution abilities that you have to master to even become a decent executor:
Learn how to communicate
Ability to adapt to change
These are the basic fundamentals of being an entrepreneur. Click on the links in each section to learn more in-depth about each section.
I want to congratulate you in your first step to becoming an entrepreneur and that is deciding to take the leap. Fortune favors the brave.
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